A borrower needed a bridge lender to fund the purchase of a mixed-use investment property with a commercial unit in front and two detached single-family residential units in the back.
The borrower needed a bridge lender that understood that the property was currently rented at under market rents and needed time to raise the existing rents to market and season the property to refinance with a conventional lender.
Fidelis Private Fund provided the borrower a $675,000 1st Trust Deed purchase loan with a purchase price of $1,075,000 or 63% LTV ratio.
The exit strategy will be to refinance with a conventional lender.
The Fidelis Private Fund helped the borrower capitalize on a great investment opportunity. At the same time, making it a smooth and hassle-free loan process.